Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has fined Equifax 11,164,400 for failing to manage and monitor the security of UK consumer data it had outsourced to its parent company based in the US. The breach allowed hackers to access the personal data of millions of people and exposed UK consumers to the risk of financial crime.…
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Employers are becoming increasingly cautious about hiring new employees due to the impending threat of a recession, resulting in BDO’s employment index reaching its lowest level in almost a decade. The index, which measures hiring intentions, dropped for the third consecutive month in September, indicating the weakest reading since 2014. Sectors such as retail, wholesale,…
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New research from TopCashback has found that families are spending on average £6,192 per year on food – approximately £119 per week or £516 per month In the last three months, parents say the cost of their essential groceries has increased by 46%, considerably higher than the latest ONS statistics* showing food inflation at 13.6%…
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Consumers are feeling financially worse off than they were a year ago, especially those aged 35-54, according to research by Dye & Durham. Almost half of respondents (47%) said their finances are in a worse place than they were 12 months ago, with only 16 per cent of people suggesting their finances have improved. Those…
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Fourteen energy retail companies have announced their collective commitment to go above and beyond current licensing conditions to help households struggling with energy bill debt this winter. The Winter 2023 Voluntary Debt Commitment, developed with Energy UK, Ofgem and Citizens Advice, means that energy suppliers are going further than existing regulatory obligations to provide better support…
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New research from independent SME funder, Bibby Financial Services (BFS), has highlighted a significant threat to the UK economy as banks appear to be retreating from lending to small businesses. Data from BFS’s latest SME Confidence Tracker report reveals that while almost half (43%) of UK SMEs say their need for external finance has increased…
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Complaints in the banking and insurance sectors have increased in the first half of this year, according to the Financial Ombudsman Service (FOS). The rise in banking and credit complaints has driven the increase in grievances taken to the ombudsman. Mortgage and home finance complaints have edged up compared to the previous six months, while…
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A Bank of England survey of lenders shows that mortgage defaults have risen at their fastest pace since 2009. The Bank’s research through its Credit Conditions Survey shows that the net percentage balance of defaults on secured loans to households jumped from 30.9% to 43.3% over the previous quarter, indicating that defaults had increased sharply…
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